Adjusted Tangible Net Worth Clause Samples
The Adjusted Tangible Net Worth clause defines how a company's net worth is calculated after excluding certain intangible assets and making specific adjustments. Typically, this involves subtracting items like goodwill, patents, and other non-physical assets from the total net worth, and may also require adjustments for liabilities or other financial factors. This clause ensures that only the company's tangible, real assets are considered when assessing its financial health, providing a more accurate and conservative measure for lenders or investors to evaluate risk and compliance with financial covenants.
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Adjusted Tangible Net Worth. On the Effective Date, Seller’s Adjusted Tangible Net Worth is not less than the amount set forth in Section 2.1 of the Pricing Side Letter.
Adjusted Tangible Net Worth. On the date hereof, Pledgor’s Adjusted Tangible Net Worth is not less than $250,000,000.
Adjusted Tangible Net Worth. Seller shall maintain an Adjusted Tangible Net Worth of at least equal to $1,250,000,000.
Adjusted Tangible Net Worth. On the initial Purchase Date, the Adjusted Tangible Net Worth of Seller is not less than the Adjusted Tangible Net Worth required of Seller in the Pricing Letter.
Adjusted Tangible Net Worth. The Seller’s Adjusted Tangible Net Worth as of the last day of the quarter ended ______________, 20___ is $____________________ (the minimum under Section 16.18(a) is $25,000,000). Tangible Net Worth: Shareholder’s equity: $ _________________ Minus intangible assets – goodwill, intellectual property: $ _________________ Minus capitalized Servicing Rights: $ _________________ Minus advances or loans to shareholders, employees (other than against future commissions) or Affiliates: $ _________________ Minus unconsolidated investments in Affiliates: $ _________________ TANGIBLE NET WORTH: $ _________________ EXHIBIT B, Form of Compliance Certificate – Page 4 13312-786/M/I Financial Warehouse Facility Adjusted Tangible Net Worth: Tangible Net Worth (from above): $ _________________ Plus the lesser of (x) 1.00% times the Outstanding Principal Balances of the Seller’s Mortgage Loans with Servicing Rights and (y) capitalized value of Seller’s and its Subsidiaries’ Servicing Rights: $ _________________ Plus unpaid principal of Qualified Subordinated Debt of the Seller and its Subsidiaries: $ _________________ Plus the lesser of (x) 50% of the book value of Seller’s Mortgage Loans held for investment purposes net of their reserves against Mortgage Loan investment losses on that day and (y) Twenty Million Dollars ($20,000,000) Minus 50% of book value, net of related reserves, of Mortgage Loans held for investment and REO: $ _________________ Minus 50% of book value, net of related reserve, of other illiquid investments of the Seller and its Subsidiaries: $ _________________ Minus the book value of Seller’s Mortgage Loans held for investment purposes net of their reserves against Mortgage Loan investment losses on that day: $ _________________ ADJUSTED TANGIBLE NET WORTH: $ _________________
Adjusted Tangible Net Worth. Borrower shall, at all times, maintain Adjusted Tangible Net Worth of not less than $10,000,000.
Adjusted Tangible Net Worth of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
Adjusted Tangible Net Worth. As of the end of each calendar month, Seller shall maintain an Adjusted Tangible Net Worth of at least [***].
Adjusted Tangible Net Worth. On the Effective Date, Guarantor’s Adjusted Tangible Net Worth is not less than the amount set forth in Section 2.1 of the Pricing Side Letter.
Adjusted Tangible Net Worth. Borrower will maintain a minimum Adjusted Tangible Net Worth of $95,000,000. Adjusted Tangible Net Worth is defined as Tangible Net Worth before Other Comprehensive Income. For purposes of the Adjusted Tangible Net Worth calculation, Other Comprehensive Income will be the same as "Accumulated other comprehensive income (loss)" as presented in the audited financial statements of the Borrower.